Company registration number 14071900 (England and Wales)
TAMPA 123 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2023
TAMPA 123 LIMITED
COMPANY INFORMATION
Directors
Mrs C Bergman Bailey
(Appointed 14 June 2022)
R Bergman Bailey
(Appointed 14 June 2022)
Mrs V Kendall
(Appointed 14 June 2022)
J MacLeay
(Appointed 27 April 2022)
M Sutherland
(Appointed 14 June 2022)
T Whittard
(Appointed 27 April 2022)
T Smith
(Appointed 11 July 2023)
Company number
14071900
Registered office
Capital Building
Tyndall Street
Cardiff
United Kingdom
CF10 4AZ
Auditor
Azets Audit Services
Suites B & D
Burnham Yard
Beaconsfield
Bucks
United Kingdom
HP9 2JH
TAMPA 123 LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
Notes to the financial statements
14 - 31
TAMPA 123 LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MAY 2023
- 1 -

The directors present the strategic report for the period ended 31 May 2023.

Review of business

The principal activity of the group is offering specialised cloud and video over IP software and services. The group is redefining how IP and the cloud are used to move and manage live video through the development of proprietary technology and partnerships with other technology partners. The organisation provides support for live broadcasters who depend on technology to produce uninterrupted live event transmissions in accordance with accepted industry standards. The group delivers products and services which are part of our customers' workflow.

 

Techex Limited, the main trading subsidiary, has a long-standing European and UK customer base and is looking to expand our existing customer base in the North American market by incorporating Techex Inc. in the USA. The principal activity of Techex Inc. is selling Techex Limited products in the North American market. Techex Inc. was incorporated on 24 May 2023 in the State of Delaware and started trading in August 2023.

 

As we lead the cutting edge technology, Techex Limited is best placed to assist with the broadcast industry's efforts to modernise and adopt new technologies. The business has made additional investments in expanding its software capabilities and establishing connections with technology partners.

 

Tampa 123 Limited was incorporated on 27 April 2022 and the buyout of Techex Europe Limited on 14 June 2022 was supported by funds managed by WestBridge Fund Managers Limited. The acquisition served to support the business's ambitious organic development goals and US expansion.

 

The group continues to invest in its people with an increased focus on development, culture and wellbeing recognising the importance of societal and environmental impacts. With this in mind, the group has embarked on a wide-ranging ESG programme and is compiling it first annual ESG report for the next reporting period.

 

Principal risks and uncertainties

General economic uncertainty

The Group offers specialised cloud and video over IP services to the broadcasting sector, which is striving to adopt new technology resulting in macro tailwinds.

 

Geopolitical risks

Techex currently services customers in Europe and USA and is not exposed to the Russia / Ukraine conflict.

 

Competitor risks

Techex offers specialised cloud and video over IP services to the broadcasting sector, which is striving to adopt new technology. We think the business is in a strong financial position, and we are still optimistic about its ability to expand.

 

Financial Instruments

Techex has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities largely conducted in sterling. The group does not enter into any formal hedging arrangements.

Future developments, and research and development

Techex is actively developing new business in North America and sees this market as potential growth in the coming years. To support this strategy, the group launched a wholly-owned subsidiary in the USA on 24 May 2023 to support this activity in developing and servicing customers in North America. Techex Inc. was incorporated on 24 May 2023 in the State of Delaware and started trading in August 2023.

 

The company is still committed to enhancing its cloud capabilities in the upcoming months while also continuing to create broadcast-related software features based on user input.

TAMPA 123 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 2 -
Key performance indicators

The directors consider the following to be the key performance indicators of the group:

 

 

2023

 

 

 

 

Turnover

 

£19.36m

 

 

 

 

Reported EBITDA*

 

£5.77m

 

 

 

 

Loss before tax*

 

£(4.93m)

 

 

 

 

* The above Reported EBITDA and loss before tax each include £763k of restructuring activities in the current year which is expected to be a one-off.

On behalf of the board

T Smith
Director
19 February 2024
TAMPA 123 LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MAY 2023
- 3 -

The directors present their annual report and financial statements for the period ended 31 May 2023.

Principal activities

The principal activity of the group was information technology and telecommunications activities. The principal activity of the company is to act as an investment holding company.

Results and dividends

The results for the period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mrs C Bergman Bailey
(Appointed 14 June 2022)
R Bergman Bailey
(Appointed 14 June 2022)
Mrs V Kendall
(Appointed 14 June 2022)
J MacLeay
(Appointed 27 April 2022)
M Sutherland
(Appointed 14 June 2022)
T Whittard
(Appointed 27 April 2022)
G Davies
(Appointed 6 May 2022 and resigned 14 June 2022)
T Smith
(Appointed 11 July 2023)
D Ely
(Appointed 14 June 2022 and resigned 6 April 2023)
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

TAMPA 123 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 4 -
On behalf of the board
T Smith
Director
19 February 2024
TAMPA 123 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TAMPA 123 LIMITED
- 5 -
Opinion

We have audited the financial statements of Tampa 123 Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 May 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

TAMPA 123 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TAMPA 123 LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

TAMPA 123 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TAMPA 123 LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

David Green MA (Cantab) FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
19 February 2024
Chartered Accountants
Statutory Auditor
Suites B & D
Burnham Yard
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
TAMPA 123 LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MAY 2023
- 8 -
Period
ended
31 May
2023
Notes
£
Turnover
3
19,357,297
Cost of sales
(9,299,600)
Gross profit
10,057,697
Distribution costs
(251,287)
Administrative expenses
(8,985,323)
Operating profit
4
821,087
Interest receivable and similar income
8
43,439
Interest payable and similar expenses
9
(5,791,082)
Loss before taxation
(4,926,556)
Tax on loss
10
(800,687)
Loss for the financial period
(5,727,243)
(Loss)/profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
TAMPA 123 LIMITED
GROUP BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 9 -
2023
Notes
£
£
Fixed assets
Goodwill
11
46,253,159
Other intangible assets
11
33,122
Total intangible assets
46,286,281
Tangible assets
12
88,734
46,375,015
Current assets
Stocks
15
30,708
Debtors
16
3,573,696
Cash at bank and in hand
7,015,121
10,619,525
Creditors: amounts falling due within one year
17
(7,464,562)
Net current assets
3,154,963
Total assets less current liabilities
49,529,978
Creditors: amounts falling due after more than one year
18
(55,174,895)
Net liabilities
(5,644,917)
Capital and reserves
Called up share capital
21
7,529
Share premium account
74,797
Profit and loss reserves
(5,727,243)
Total equity
(5,644,917)
The financial statements were approved by the board of directors and authorised for issue on 19 February 2024 and are signed on its behalf by:
19 February 2024
T Smith
Director
TAMPA 123 LIMITED
COMPANY BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 10 -
2023
Notes
£
£
Fixed assets
Investments
13
5,646
Current assets
Debtors
16
65,775
Creditors: amounts falling due within one year
17
(18,010)
Net current assets
47,765
Net assets
53,411
Capital and reserves
Called up share capital
21
7,529
Share premium account
74,797
Profit and loss reserves
(28,915)
Total equity
53,411

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £28,915.

The financial statements were approved by the board of directors and authorised for issue on 19 February 2024 and are signed on its behalf by:
19 February 2024
T Smith
Director
Company Registration No. 14071900
TAMPA 123 LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MAY 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 27 April 2022
-
0
-
0
-
0
-
Period ended 31 May 2023:
Loss and total comprehensive income for the period
-
-
(5,727,243)
(5,727,243)
Issue of share capital
21
7,529
74,797
-
82,326
Balance at 31 May 2023
7,529
74,797
(5,727,243)
(5,644,917)
TAMPA 123 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MAY 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 27 April 2022
-
0
-
0
-
0
-
Period ended 31 May 2023:
Loss and total comprehensive income for the period
-
-
(28,915)
(28,915)
Issue of share capital
21
7,529
74,797
-
82,326
Balance at 31 May 2023
7,529
74,797
(28,915)
53,411
TAMPA 123 LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MAY 2023
- 13 -
2023
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
5,104,257
Interest paid
(1,494,637)
Income taxes paid
(675,606)
Net cash inflow/(outflow) from operating activities
2,934,014
Investing activities
Purchase of subsidiaries net of cash acquired
(44,734,935)
Purchase of intangible assets
(35,039)
Purchase of tangible fixed assets
(16,684)
Interest received
43,439
Net cash used in investing activities
(44,743,219)
Financing activities
Proceeds from issue of shares
82,326
Proceeds from other loans
28,742,000
Proceeds from bank loans
20,000,000
Net cash generated from/(used in) financing activities
48,824,326
Net increase in cash and cash equivalents
7,015,121
Cash and cash equivalents at beginning of period
-
0
Cash and cash equivalents at end of period
7,015,121
TAMPA 123 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2023
- 14 -
1
Accounting policies
Company information

Tampa 123 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Capital Building, Tyndall Street, Cardiff, United Kingdom, CF10 4AZ.

 

The group consists of Tampa 123 Limited and all of its subsidiaries.

1.1
Reporting period

The accounts are for the period 27 April 2022 to 31 May 2023. The period is longer than a year as this is the first period since incorporation with the period end brought in line with the rest of the group. As this is the first period, there are no comparative amounts presented in the financial statements.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

TAMPA 123 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 15 -
1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Tampa 123 Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 May 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

TAMPA 123 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 16 -
1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of the company's business of developing, designing, delivering and supporting live video transport solutions, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Other intangible assets
33% on cost
1.9
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over the life of the lease
Fixtures and fittings
20% on cost
Office equipment
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

TAMPA 123 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 17 -
1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

TAMPA 123 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 18 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TAMPA 123 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

TAMPA 123 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

TAMPA 123 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 21 -
1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2023
£
Turnover analysed by class of business
Solutions
11,523,128
Techex Software
2,714,168
Support & Maintenance
5,028,001
Other
92,000
19,357,297
2023
£
Turnover analysed by geographical market
United Kingdom
15,894,196
Europe
1,748,888
Rest of the World
1,714,213
19,357,297
2023
£
Other revenue
Interest income
43,439
TAMPA 123 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 22 -
4
Operating profit
2023
£
Operating profit for the period is stated after charging:
Exchange losses
14,490
Depreciation of owned tangible fixed assets
29,147
Amortisation of intangible assets
4,923,063
Operating lease charges
251,287
5
Auditor's remuneration
2023
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
10,000
Audit of the financial statements of the company's subsidiaries
15,000
25,000
For other services
All other non-audit services
19,300
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2023
2023
Number
Number
30
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2023
£
£
Wages and salaries
2,586,791
-
0
Social security costs
312,329
-
Pension costs
121,338
-
0
3,020,458
-
0
TAMPA 123 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 23 -
7
Directors' remuneration
2023
£
Remuneration for qualifying services
526,621
Company pension contributions to defined contribution schemes
59,233
585,854
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
£
Remuneration for qualifying services
175,168
Company pension contributions to defined contribution schemes
32,472

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3.

8
Interest receivable and similar income
2023
£
Interest income
Interest on bank deposits
42,733
Other interest income
706
Total income
43,439
9
Interest payable and similar expenses
2023
£
Interest on bank overdrafts and loans
1,844,727
Other interest on financial liabilities
387,169
Other interest
3,559,186
Total finance costs
5,791,082
10
Taxation
2023
£
Current tax
UK corporation tax on profits for the current period
800,687
TAMPA 123 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
10
Taxation
(Continued)
- 24 -

The actual charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

2023
£
Loss before taxation
(4,926,556)
Expected tax credit based on the standard rate of corporation tax in the UK of 20.00%
(985,459)
Tax effect of expenses that are not deductible in determining taxable profit
(4,290)
Unutilised tax losses carried forward
351,836
Permanent capital allowances in excess of depreciation
1,738
Interest not deductible
452,498
Goodwill amortisation not included in tax return
984,364
Taxation charge
800,687

As part of Budget 2021 on 3 March 2021, it was announced that the UK corporation tax rate will increase to 25% from 1 April 2023. This change was substantively enacted on 24 May 2021. Prior to this change, the corporation tax rate was 19%. The effect on the company of this changes has been reflected in the group's financial statements in the financial year as appropriate.

TAMPA 123 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
10
Taxation
(Continued)
- 25 -
11
Intangible fixed assets
Group
Goodwill
Other intangible assets
Total
£
£
£
Cost
Additions - separately acquired
-
0
35,039
35,039
Additions - business combinations
51,174,305
-
0
51,174,305
At 31 May 2023
51,174,305
35,039
51,209,344
Amortisation and impairment
Amortisation charged for the period
4,921,146
1,917
4,923,063
At 31 May 2023
4,921,146
1,917
4,923,063
Carrying amount
At 31 May 2023
46,253,159
33,122
46,286,281
The company had no intangible fixed assets at 31 May 2023.
12
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
Additions - business combinations
144,258
53,267
135,333
332,858
Additions
-
0
599
16,086
16,685
At 31 May 2023
144,258
53,866
151,419
349,543
Depreciation and impairment
Additions - business combinations
67,321
46,406
117,935
231,662
Depreciation charged in the period
14,426
4,254
10,467
29,147
At 31 May 2023
81,747
50,660
128,402
260,809
Carrying amount
At 31 May 2023
62,511
3,206
23,017
88,734
The company had no tangible fixed assets at 31 May 2023.
TAMPA 123 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 26 -
13
Fixed asset investments
Group
Company
2023
2023
Notes
£
£
Investments in subsidiaries
14
-
0
5,646
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 27 April 2022
-
Additions
5,646
At 31 May 2023
5,646
Carrying amount
At 31 May 2023
5,646
14
Subsidiaries

Details of the company's subsidiaries at 31 May 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Tampa 456 Limited
UK
Ordinary shares
100.00
-
Tampa 789 Limited
UK
Ordinary shares
-
100.00
Techex Europe Limited
UK
Ordinary shares
-
100.00
Techex Limited
UK
Ordinary shares
-
100.00
Techex Inc
USA
Ordinary shares
-
100.00

Tampa 456 Limited - Audit Exemption

The directors have taken advantage of exemption available under section 479A of the Companies Act 2006 and have not had the financial statements of Tampa 456 Limited for the period ended 31 May 2023 audited. Tampa 456 Limited is a wholly owned subsidiary within the group, registered in England and Wales with company number 14086136 and registered office Capital Building, Tyndall Street, Cardiff, United Kingdom, CF10 4AZ.

 

Tampa 789 Limited - Audit Exemption

The directors have taken advantage of exemption available under section 479A of the Companies Act 2006 and have not had the financial statements of Tampa 789 Limited for the period ended 31 May 2023 audited. Tampa 789 Limited is a wholly owned subsidiary within the group, registered in England and Wales with company number 14091133 and registered office Capital Building, Tyndall Street, Cardiff, United Kingdom, CF10 4AZ.

 

Techex Europe Limited - Audit Exemption

The directors have taken advantage of exemption available under section 479A of the Companies Act 2006 and have not had the financial statements of Techex Europe Limited for the period ended 31 May 2023 audited. Techex Europe Limited is a wholly owned subsidiary within the group, registered in England and Wales with company number 03231076 and registered office Greenwood House, London Road, Bracknell, England, RG12 2AA.

TAMPA 123 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 27 -
15
Stocks
Group
Company
2023
2023
£
£
Finished goods and goods for resale
30,708
-
0

An impairment arising of £86,504 due to slow-moving and obsolete stock was recognised in cost of sales during the year.

16
Debtors
Group
Company
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
2,559,610
-
0
Amounts owed by group undertakings
-
65,775
Prepayments and accrued income
1,014,086
-
0
3,573,696
65,775
17
Creditors: amounts falling due within one year
Group
Company
2023
2023
£
£
Trade creditors
1,118,979
-
0
Corporation tax payable
370,043
-
0
Other taxation and social security
418,369
-
Other creditors
3,027,110
810
Accruals and deferred income
2,530,061
17,200
7,464,562
18,010
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2023
Notes
£
£
Bank loans and overdrafts
19
20,000,000
-
0
Other borrowings
19
32,299,895
-
0
Other creditors
2,875,000
-
0
55,174,895
-
TAMPA 123 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 28 -
19
Loans and overdrafts
Group
Company
2023
2023
£
£
Bank loans
20,000,000
-
0
Other loans
32,299,895
-
0
52,299,895
-
Payable after one year
52,299,895
-
0

The bank loan is secured by fixed and floating charges covering all the property or undertaking of the group through cross-company guarantees. The loan attracts interest at a variable rate between 6.75% and 7.50% per annum depending on the leverage of the loan, with additional variable interest relating to the Sterling Over-night Index Average. The loan is repayable 6 years from the date of initial drawdown being 14 June 2028.

The other loans are secured by fixed and floating charges covering all the property or undertaking of the group through cross-company guarantees. The other loans attract interest at 12.5% per annum. The loans are repayable by 31 January 2029.

20
Retirement benefit schemes
2023
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
121,338

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the balance sheet date, the company was committed to make payments into the staff pension schemes of £14,204.

21
Share capital
Group and company
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A of 1p each
473,643
4,736
Ordinary B of 1p each
249,000
2,490
Ordinary D of 1p each
30,000
300
Ordinary E of 0.01p each
30,000
3
782,643
7,529
TAMPA 123 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
21
Share capital
(Continued)
- 29 -

All shares included were issued in the year in line with the reconciliation on the Statement of Changes in Equity.

 

Ordinary A shares were issued at a premium of 0.02p per share contributing to £100 of share premium. Ordinary E shares were issued at a premium of £2.4899 per share contributing to £74,697 of share premium. Other shares were issued at par.

 

Ordinary A shares entitle the holder to one vote per share together with an equally share of dividend payments or any other distribution including a distribution arising from the winding up of the company.

 

Ordinary B shares entitle the holder to one vote per share together with an equally share of dividend payments or any other distribution including a distribution arising from the winding up of the company in priority to oridanry D shares and ordinary E shares.

 

Ordinary D shares entitle the holder to one vote per share together with an equally share of dividend payments or any other distribution including a distribution arising from the winding up of the company as set out in the articles of association.

 

Ordinary E shares entitle the holder any non-dividend based distribution including a distribution arising from the winding up of the company as set out in the articles of association.

22
Acquisition of a business

On 14 June 2022, the group acquired 100% percent of the issued capital of Techex Europe Limited, the parent company of the main trading entity Techex Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
101,197
-
101,197
Investments
142,207
-
142,207
Inventories
72,681
-
72,681
Trade and other receivables
1,807,490
-
1,807,490
Cash and cash equivalents
10,084,952
-
10,084,952
Trade and other payables
(3,400,695)
-
(3,400,695)
Total identifiable net assets
8,807,832
-
8,807,832
Goodwill
51,174,305
Total consideration
59,982,137
The consideration was satisfied by:
£
Cash
54,819,887
Deferred consideration
5,162,250
59,982,137
TAMPA 123 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
22
Acquisition of a business
(Continued)
- 30 -
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
19,357,297
Profit after tax
5,285,033

Under the acquisition method of accounting, the resulting goodwill on acquisition has been capitalised in the balance sheet and will be amortised through the profit and loss account over its estimated useful life of 10 years.

Note that Tampa 123 Limited acquired 100% of the shares of newly formed company Tampa 456 Limited on 4 May 2022. Tampa 456 Limited in turn acquired 100% of the shares of newly formed company Tampa 789 Limited on 6 May 2022. It was Tampa 789 Limited which purchased the above shares Techex Europe Limited. Until the purchase of Techex Europe Limited shares on 14 June 2022, Tampa 123 Limited, Tampa 456 Limited and Tampa 789 Limited were dormant companies.

23
Financial commitments, guarantees and contingent liabilities

There are fixed and floating charges over both the present and future assets of the group, including property or undertaking of the group and future cash deposits.

 

Loans in other group companies are secured with a cross-party guarantee between Tampa 456 Limited and Tampa 789 Limited and all other group companies in favour of the lender.

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2023
£
£
Within one year
384,315
-
384,315
-
25
Related party transactions

No related party transactions have been disclosed between the company and 100% owned other group companies as permitted by FRS 102 Section 33.

26
Controlling party

In the opinion of the directors, there is no ultimate controlling party.

TAMPA 123 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 31 -
27
Cash generated from/(absorbed by) group operations
2023
£
Loss for the period after tax
(5,727,243)
Adjustments for:
Taxation charged
800,687
Finance costs
5,791,082
Investment income
(43,439)
Amortisation and impairment of intangible assets
4,923,063
Depreciation and impairment of tangible fixed assets
29,147
Movements in working capital:
Decrease in stocks
41,973
Increase in debtors
(1,766,206)
Increase in creditors
1,055,193
Cash generated from/(absorbed by) operations
5,104,257
28
Analysis of changes in net debt - group
27 April 2022
Cash flows
31 May 2023
£
£
£
Cash at bank and in hand
-
7,015,121
7,015,121
Borrowings excluding overdrafts
-
(52,299,895)
(52,299,895)
-
(45,284,774)
(45,284,774)
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